- विज्ञापन -
Colombo: Sri Lanka has successfully completed its international sovereign bond (ISB) restructuring, marking the end of a notably complex debt restructuring process, as announced by Mahinda Siriwardana, the Secretary to the Treasury, in an online statement.
According to a release from the Ministry of Finance, Planning and Economic Development, Sri Lanka initiated an official invitation on November 25 for ISB holders to exchange their bonds for new debt instruments. At the conclusion of the offer period, the country reported a high participation rate, with nearly 98% of the total outstanding ISBs expected to be converted into new securities.
President Anura Kumara Dissanayake stated that this debt exchange would provide significant relief, allowing the government to allocate resources for development and social initiatives in the short and medium term, while also restoring the long-term sustainability of public finances. He affirmed the government’s commitment to utilizing this debt relief to ensure strong macroeconomic fundamentals and foster economic growth, enabling Sri Lanka to meet future debt obligations and achieve its economic goals.
Dissanayake remarked, “Today we open a new chapter in our history and move forward after years of crisis.” Sri Lanka had defaulted on its external debt in April 2022 and has been engaged in restructuring talks with both bilateral and commercial creditors as part of an IMF program.
